Concept of afraid businessman like an ostrich

Inaction Risk0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Risk is a big factor in sales, and there are many ways to manage, mitigate and manoeuvre risk. One can argue the biggest risk for both buyers and sellers is unforeseen risk, by any involved in the journey. But there is a big difference between unforeseen risk, and ignored risk. If you are breaking down the game tape after each meeting or sale, you should be in a position to continuously identify and or anticipate likely or common risks that come up.

As we have highlighted when discussing prospecting objections, while we can predict the five or six most common objections, there will be instances where there is a new objection. The second time you hear in short succession, it confirmation that it is an objection, a “risk” in the prospecting sense; as professionals, it is up to us to be ready to deal with it in a way that preserve and advances the opportunity. The same with risk, the more you review and prepare, the less likely that you will have unforeseen risk.

But there is a risk that is right in our face, yet many choose to it, and that is the risk of inaction. For the most part, we are talking about inaction by the buyer, but if you are a manager, you know that at times, it is rep inaction that brings risk; although I must say, the latter one is much easier to resolve.

Sellers know that the Status Quo has a lot of allure and comfort for buyers. We have been told again and again, that client complacency, the Status Quo, is our biggest competitor, no argument, and we have been trained in so many ways to get the prospect to see us, our product, the concept of a change, in a less risky light. But there is no getting away from the fact that unless the missile is headed right at the building, most people’s propensity is not to act, or act in as minimal a way possible, so as to not change or shake the Status Quo.

 

One of your goals going into any sale is to deal with the potential of inaction. Given we live in a “good enough” buying environment, and the fact that most products are indistinguishable from the competition, the buyer’s unwillingness to act is likely the biggest risk you face. If you can get them to move even in the slightest way in the right direction, you can build on that small momentum using all your usual methods. They say life’s a bitch, but I vote for inertia.

The only way to deal with it is head on, meaning you need to raise the subject in a way that a) does not scare them; b) gets them to put their fears out in the open. Remember there is more to it than your product. There are internal processes, impact on other departments, personal and “corporate politics” risk, implementation, and the potential snipping from those whose project got passed over to implement yours, and more. If you can get them to surface and articulate, you can deal with it.

You can start the ball by putting an example out there, a solid one based on your review of previous similar sales.

“You know Martha, I was working with this company in Cleveland, and they had the following concern about __________________.” See how they respond to that, if they ask for you to elaborate, it is a sign that they are acknowledging and willing to explore, this is your opportunity to open things up a bit more. If they don’t react, continue providing more detail, “as a result they stayed on the sidelines for a long time. It was only after  (this happened, they saw, customers left, reduced market share, etc.) , that they finally implemented the system, but ….”

If we do not remove in action as an option, it is one of the most common risks in B2B sales. It is important to remember that dealing with the risk of inaction is part of the formula, you still need to understand their objectives, what you can add, and all the things that give you momentum during a sales cycle. But getting them in motion, to be open to the other elements of your sale, you need to move them, and eliminate the risk of inaction.

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Lawyer

Stop Leading The Witness0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

One of my favourite genres is court or trial based stories, could be a movie, play, TV program, but especially novels, where the author has room to fully explore elements and take one to unexpected places. These are usually larger than life, and even when the plot is viable, the settings, are exaggerated, full of symbolism than reality, all with the goal of drawing in the audience. You gotta love it, all the fantasy, all the pomp, and of course, all the dram, just like sales.

In these dramas, you inevitably run through the usual clichés, (just like sales), one of them being the usual set of actions by one attorney leading to an objection by the other, at least one for every five minutes of courtroom sequence. The one that reminds me most of sales is when one party objects to the other’s line of questions by suggesting that they are “leading the witness”.

Sales people get caught in this trap regularly, but often the prospect does not object out loud as they do in the movies, they just don’t buy, and usually we really don’t know why, because we think we asked the right questions, feel (rather than know) we got the right answer, only to be left asking in the end “what happened?”

LawyerThis happens when we ask questions that we are hoping to get an affirmative response to, and when we do we feel we are progressing, and we keep piling on these questions, realizing too late that prospect was giving us the answers we wanted, rather than what they would say if the question were put differently.

We have all been on the receiving end of this experience, it usually sounds like “wouldn’t you agree that it would be ‘good’ if you could ‘do ___________’?” Sure, prospects will agree, it would be almost illogical to disagree, as the questions are usually routed in some logical premise and phrased in a way that you are forced to say yes, but how sincere is that yes? How many times have you said yes to move things along, feigning to agree, but with zero or less conviction?

Prospects know when they are being led, and don’t often like, and reward it even less frequently. They know that the questions are delivered in a way to limit the discussion to those things that highlight your product. Problem is that often the difference is sales success is not the product, but the sales experience, as I have stated in the past, how you sell is the last differentiator. So if the prospect does not see a different sales experience, they will see little difference, and every other seller trying to lead them down a self-serving path. While the questions may make sense, they also clearly demonstrate that you want to sell things based on your view of the world, not their specific priorities.

You can take the same thought process, but deploy a different set of questions to engage the prospect and encourage them to open up and share things with you that they would not when they are being led. Rather than you painting the end state you think they need based on your quota and you needs, ask them to pain the end state they see. If you feel based on your experience that they may have overlooked something, or are making an erroneous assumption, you can still share alternative. The best alternatives are not questions that put them back on “your track”, but alternatives based on what you have seen clients do differently to achieve that outcome or objective.

Asking questions that lead to discussion, an opportunity for you to demonstrate you expertise and value, and help the prospect consider alternatives based on client experience is a good thing, because again, it provides the prospect with a different experience. But asking questions that lead to the prospect being boxed in, may lead to answers you want to hear, but not sales.

 

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Close-up Of Businessperson Holding Stopwatch With Stack Of Coins At Desk

An Endless Supply Of Tomorrows0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Proactive Prospecting Summer – Part 2

A common question I am asked is “What are the characteristics or attributes of great sellers?” While there are a number, one key one for me is their view and utilization of time. Generally speaking you can put folks into two groups, the larger 80%, those who view time as a unending commodity, and as such can be frittered away with little thought or concern. The minority 20%, the more consistently successful, see time as a precious resource that is to be maximized and fully exploited, understanding that once an hour passes, it can never be regained or reclaimed.

When it comes to prospecting, time is the silent killer. This why it is a core component of the Proactive Prospecting Program on Sales Gravy University. Many don’t want to do it, afraid to do it, and will willfully and by design waste their time on “other important things”, and thus run out of time to “prospect today, but I’ll do two hours tomorrow”. Bullshit, they couldn’t do an hour today, what makes the manager think that they do two tomorrow. The only truth in that is that they do in fact do twice as much: 2 X 0 = 0!

The thing that strikes me (and maybe it’s just me), is what can be more important than prospecting? Sure, we got to keep current clients happy, work on sales that are mid-stream, getting training on that new app you’re not going to really use, and of course, completing the football pool. But are any of those truly more important than prospecting, starting the next cycle, the next source of excuses for wasting prospecting time.

The best prospectors, allocate specific time to all of the activities highlighted above and others that are critical to winning and keeping happy customers. With the exception of the football pool, each of the above have to have time allocated and dedicated to completing. Based on what you sell, the nature of the buy/sale cycle, and other factors, the amount of time you allocate to each will vary, but there is no escaping that they all have to be completed throughout the cycle, and will require a specific time to complete.

To get a sense of how much time you need can be determined in a number of ways, none will be exact, but close enough to allow you to be in control of your time and your success. We use an Activity Calculator, (you can download it here). It works backwards from your goal, and uses your individual conversion rates from one stage the sales to the next, to close. Once you arrive at how many new prospects or meetings you need a week, you can then block off the time(s) in your calendar.

And that’s the hard part for most, blocking the time, as you would for a client meeting, and then actually doing it in the time allocated. Almost every sales person will tell me that they would never blow off a scheduled client meeting, yet they’re happy blowing off the activity that got them in front of a client to begin with.

It is not new, do the big important things first, there will always be room for the smaller things. What’s bigger than filling your pipeline with opportunities and future clients (who will make demands on your time)?

Sales people use their most precious resource to sabotage their most important activity – prospecting. To help you work through the time issue, download the white paper SALES HAPPEN IN TIME.

Feel free to e-mail me directly as you take advantage of the many things you’ll learn in your Proactive Prospecting Summer and the Proactive Prospecting Program on line.

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Victorius businessman

What’s Your Buyer’s Closing Ratio0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

While it is important to understand your personal metrics, mostly as a means of improving your use of time, and to develop an ongoing improvement process. While many know some of their metrics and conversion rates, few take time to explore and understand their prospects’ closing average or ratio. It’s easy to see why, you find yourself in front of what appears to a willing prospect, sharing what they want to do, why they are thinking of doing it, all while asking you questions that your manager taught you are “buying signals”.

Victorius businessmanInstinctively you feed the fire, figuring that the more information you provide and gather, the more your share with them, the more likely they are to finish their journey with you. All is good till the last scene, curtains close without a deal. Would have been helpful had you had an inclination earlier in the sale, when you may have been able to change the outcome. The change in outcome does not always mean a closed deal, but saved time, energy and refocus on better opportunities in your pipeline.

No matter how good things look, professionals in all fields know that the fundamentals need to be present no matter what the immediate circumstances look like. A key fundamental in sales is not just to understand the buyer’s buying process, but their buying habits or patterns.

No matter how bright and rosy things appear at any time during the cycle, it is important to confirm and validate. Failing to do that leads to a familiar situation for us all, i.e. no deal at the end.

How & Why

This is where asking two specific type of questions, from a couple of different directions will give you window the buyer’s buying habits, or let’s be real, a prospect’s “kicking tires” habits.

The Why

The why – as you’re are going through the Discovery process, ask why they choose the current thing (product, service, etc.) you are exploring with them. What they respond is important, but more interesting is how they respond. Someone involved with the decision will have not just more details, and as a result lay out more dots, but will also be able to tell you why those dots connect, and how they prefer them connecting. Someone who was tangential to the decision will deliver the same headlines, but no detail. Someone involved in the decision would describe things in first person terms, while those who were not, say implementers, will use third party description. You will also see who was able to drive a decision, and who could not; in the case of the latter, listen for who internally they blame for the decision, (or lack of one), those are the people you should pursue to connect and bring into the current cycle.

You will also get a window into how progressive and early to adopt they are, or are they the type that wait second or third iteration of a technology.

The How

Now that you have a sense around how they deal with their “whys”, why change, why that, or more like why not, it is time to turn to how they select based on the why.

“So now I understand why you chose to go with that kind of database, help me understand how you selected ACME Corp as the vendor?”

Much like above, you will be clearly able to tell if they were in the thick of it, or someone that was not invited to the offsite where the decision was really made. People may want to embellish, but you will be able to have a good view wit the right questions.

The reality is that everyone will paint a positive picture in the start, even the “Brochure Scouts” sent to gather information. Exploring their role in past similar decisions will help you gauge their closing average, which has a direct impact on yours.

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Biz On The Beach 3

Proactive Prospecting Summer – Part 10

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Many in sales look at summer as a time where they can slow down a bit, reflecting what they believe to be the pace of things around them. That’s just wrong on so many levels, that we’ll leave it to others to analyze, our focus is Execution, improved Execution. So rather than following the 80% of your peers who go into summer mode, I instead invite you to use the summer to improve your prospecting skills so can remain in that 20% that drives the economy, the 80% is piggybacking on.

Every Thursday in July and August, the posts in the Pipeline will focus on a specific element in Proactive Prospecting. While this in itself will put you on the path to better prospecting, meaning a fuller pipeline of better opportunities, you can take it a step further by enrolling in the Proactive Prospecting Program on Sales Gravy University. Consisting of instruction by me, exercises, and tools, the same program clients have used to increase conversions and pipeline by over 25%. Enroll in the program today, and use the Thursday Proactive Prospecting Summer series to keep you on track, and filling your pipeline. By the end of the summer you will have both more opportunities in your pipeline than the 80% who “took the summer off”, but the skills that will keep you ahead.

Today we will look at two important sometime related often confused fundamentals, Objectives and Execution.

Objectives

As you know I am not a big fan of pain in selling, not because I am squeamish, but because buyers in pain are a small part of the overall opportunity, they are pursued by everyone and as such feel entitled to “a better deal” instead of the right deal. The largest pool of opportunity professional sales people have are those buyers not impeded by pain, but are focused on achieving their business Objectives. If you change your narrative from pain to Objectives, you will be communicating to, and heard by a greater segment of the market, a segment ignored by the 80% who are “jonesing” for pain; let’s look at that for a sec.

Every business and business person has Objectives. Some will run into a problem along the way, usually about 10%, and they will seek to relieve that pain, but then get back on track to achieving their Objectives. So to engage more meaningfully with a greater segment of the market, you need to forget pain, and embrace Objectives. The best way to do that is to actually set your own Objectives, and experience the opportunities and challenges in achieving them. This will give you the ability to empathize with others who are focused on Objectives, not just pain.

Here’s what you do, right now: write down your objectives for this program, no more than three, you gotta be real. Make them specific, “I want to be better at starting the call”; “Communicate value more effectively”; “Have my voice mails returned”, you name it, but set a clear, realistic Objective based on where you are now, and where you’d like to be by Labour Day.

Execution

We all know success in sales is all about Execution, everything else is just talk; so while setting Objectives is a step in the right direction, actually doing it is another. Some of you may be familiar with the old riddle:

Five frogs sitting on a log – four decide to jump off, how many are left on the log?
While most answer one, the answer is five.
Deciding to do something and doing it are two different things!

You Have To Jump

No matter how good a set of Objectives we set, they are worthless till executed. I’ll challenge you with an Objective: Focus on correcting what you did wrong, rather than waiting for perfection to try.

Feel free to e-mail me directly as you take advantage of the many things you’ll learn in your Proactive Prospecting Summer and the Proactive Prospecting Program on line.

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quiz score 2

Holiday Sales Quiz0

Given we are in holiday mode on both sides of the border, Independence holiday no less, I thought we’d keep things light today.

Below is a classic scene from Tin Men, take the time to watch, and then answer respond to the poll below, specifically what kind of sales style or school would you say was employed to win the sale.

Based on the video above, which sales style would you say was used to close the deal?

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Hypos

Hypothetically Speaking2

By Tibor Shanto – tibor.shanto@sellbetter.ca 

It is easy to understand why some, especially in business, don’t like hypotheticals, they want to deal with facts, and tangible things that impact their business. Many view hypotheticals as just a distraction from things they need to deal in the real world. But it is precisely because it is a distraction, something that takes them away from the challenges they are dealing with that make hypotheticals a good tool for sellers.

Often, especially early in discovery, it takes a bit of an effort to pull back the layers and get to the substantive issues that can impact a prospects business, due to previous “abuse” by lesser sellers that preceded you, prospects may be a bit guarded. They may be reluctant to share key information that could actually help you formulate the right plan for them. A bigger challenge can be to take them in a direction they had not considered, may have misconceptions about, or areas they have avoided due to perceived risk, even if we do see it as such, the prospect is driving this process.

Hypotheticals allow you to engage around these areas without the associated risk. Some sellers, firm in their conviction that they have a great “solution” for the prospect, will ignore the buyer’s reluctance, hoping the strength of their solution will prevail. It may, but only if the prospect is open to the topic, but if not, as is the case for most buyers, their solution does not see the light of day, and it’s all for not. Framing the discussion in a hypothetical, especially a hypothetical outside the company, allows they buyer to tip their tows in the water without the sense of commitment of a head on question presentation. They don’t have to own a hypothesis, the sellers does, if they don’t agree, no harm, if it starts to resonate, all the better.

Hypotheticals are also a great way to get people to think outside their current lane. This is especially powerful if you are dealing with a buyer who has traveled all alone the first “57% of their buying journey”. By the time they get to you (I know you think you got to them), they have firm impressions if not opinions or more; to change their direction, to get them to take an alternate path to the one they are down, you’re much better off using hypothetical than facts. This is not to say we ignore the facts, but if they are not willing to have the discussion, the facts as you see them may or will not see the light of day. Starting them off with a hypothetical allows them to step outside their lane without all the associated risk.

HyposHypotheticals will get the prospect to share facts (pains if you like that type of thing), you otherwise would not have discovered. One of mu favourites is to ask a prospect a forward looking hypothetical. Placing the scenario into the future allows them to escape the shackles of today, and go to a happier place in the future, a future that is sunny and bright. I start by asking:

“I am curious Julie, if we were meeting here, 18 months from now, and you were happily telling me that your team had hit a Grand Slam, what would that look like?”

It may take them a minute to get going, as they start their journey to feeling what a Grand Slam feels like, but if you don’t interrupt, they will get going, and tell you all the things they want to be real 18 months from now. You’ll be amazed what they will share, as long as you let them. When they have shared their vision of a Grand Slam, I follow with:

“That’s a great vision Julie, and I can see why that would indeed be a Grand Slam; so help me understand why we are not there now?”
And that is when they will share with you all the things they see being in their way. I find that they usually share a number of things I have a “solution” for. This is when we move from the hypothetical to the real world, to the sale.

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You Are Where You Are By Choice0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

I had a couple of interesting conversations with two reps recently during a break in a workshop. Both centred around where each of the reps were currently, both in terms of quota in the current year, and their over all sales career. What was interesting is one was exactly where they wanted to be, on track to achieve his stated goals, for this year and beyond. The other, far short of their quota, was able to share little about their destination or any road that may get them there. Not surprisingly to me, was that both were exactly where their choices and resulting actions led them to be.

It may not surprise you that the successful rep was able to articulate why and how he made the choices that led to his success, and the specific process, choices and actions which got him there. The less successful rep, we’ll call him Average, a name more common than Bob in sales, could only articulate all the outside forces that he blamed for preventing him from being better than he was, a little less than average.

While it is easy to put this off to both being products of the choices they made, one needs to examine how they make their choices, and as importantly, how they acted, or in the case of all Average sellers, did not act, on choices they made or ignored.

It may not be sexy, but success in most endeavours, is a simple iterative process, chose/decide – act – review – chose/decide again – a act – review – chose/decide again. Sometimes the simplicity of it seems deceptive, people feel there needs to be a correlation between success and complexity. The real alignment, correlation, is between choices we make, the process for those choices, and the resulting action.

While we make choices every day, there are some fundamental choices that can be made that have greater effect on your success than others. Consider that some 40% of things we do every day are done out of habit. Meaning we don’t make the choice each time we act, but once, while forming and committing to a habit.

If you can track the things you actually do during a day/week, not what you think or tell other people, but the actual activities in real time you’ll see two things. First is which things you do out of habits, and which you make conscious choices on before you act. Many of the things that we do out of habit don’t directly relate to sales, the B-line I make for the coffee drive-thru when I leave my driveway is a habit. When I chose to follow up with a prospect, the time I spend researching a prospect, the actual people I contact, are all choices I make that impact my sales. Just like choosing to wait for the buyer to almost complete their buying journey before we line up for the opportunity to take their order on their terms, is a choice.

Regardless which type of sales you are involved in, which dogma you choose to consume, whose colors you wear, your day to day, deal to deal success is based on one thing, the choices you make and how you choose to act on those choices.

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Slow and low

Slow & Low – The Right Recipe For Great Prospecting0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Next week both Canada and the US celebrate their respective independence days, which means barbecues galore, and as you may have guessed, an opportune lesson for cold callers everywhere. Most cold callers, carnivores and vegetarians, make the same common errors in executing their telephone prospecting calls, many of these mistakes contribute to their lack of success, making the whole thing a further mess.

Part of the negative cycle revolves around the fact that they are way too nervous, anticipating the worst, as a result many rush the call, leading to the outcome they feared. There are a couple of specific things telephone prospectors do that if approached differently would help overcome the challenge, alter the results and their view of cold calling; once mastered, they will find the whole thing much more productive and profitable. This is where the barbeque lesson comes in, making a good prospecting call is like making a good southern brisket, slow and low.

First thing that happens to nervous callers is they speed up their speaking, going faster than they normally would, and way faster than what makes for an effective prospecting call. This triggers a similar response from the buyer, they get nervous at the barrage of words coming at them, and they look for the exit even quicker. Ever deliver you into (at a nervous pace) only to have the prospects ask, “I’m sorry, who is this, what’s this about?” And before you can answer, you’re on your heels, and the call ends without engagement.

Slow and lowSlow down Man, it’s not a race. I know most want the call to be over more than they want the appointment, but is not about completing the activity (fast), it’s about engaging with potential prospect. Slowing down takes practice, repeated and out loud. Slow down your breathing before you pick up the phone and maintain the pace through the call. If you’re not too macho, get a metronome, and stick to the rhythm. I know sounds silly, till you start connecting with prospects and getting appointments.

The low part has to do with voice and pitch. When callers get nervous their voice gets higher, I’ve heard grown men sound more like their sisters than themselves. This makes it harder for the buyer to comprehend what the caller is saying, and obscures their message. Think about some of the great radio voices or TV voice overs, think about James Earl Jones famous “this is CNN”. As with slowing down, this comes down to practicing, and again out loud.

In a tension filled call, any element of distraction can be a negative and work against you, when you sound squeaky and speak fast, the two just compound in a way that makes it hard to achieve your objective.

One overlooked way to help with these two factors is to have a well prepared script, this will reduce the nervousness, and with practice limit the speed and pitch. Get over the self-imposed fear of scripts, and you’re a long way towards overcoming this and other prospecting roadblocks. Next time you pick up the phone, think brisket, slow and low.

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Frayed

Success Breeds Prospects0

By Tibor Shanto – tibor.shanto@sellbetter.ca 

Most sales people tend to ease off on their prospecting when they have a healthy pipeline. They feel that there is plenty to work, they have a number of prospects on the go, and tell me, that their time is better used to drive the opportunities in the pipeline, and figure that they will prospect for more opportunities once the current pipeline solidifies. While the disjointed thinking of that logic is obvious to most, like “lemmings“, many sales people follow a path that ultimately leads less success.

Let’s say you close all the deals in your pipeline, let’s say; what will you work on the next day? We have all been on the pipeline roller-coaster. All kinds of opportunities to close at the peak, desperately prospecting (praying and hoping), at the bottom. Sure, it’s absurd, but sales pros choose to repeat it over and over, even though changing their habits is less stressful in the long run. So, what’s the alternative?

We have all heard the expression, and many of us have experienced first hand that Success does indeed breed success. In sales, the reality is that pipeline success leads to more success. Prospecting when your pipeline is “overflowing”, is one of the most fun things you can do. Sales professionals who take a balanced approach to their pipeline, meaning prospecting, finding new opportunities, is as important as closing any opportunity in your pipeline.

FrayedMost people don’t like prospecting because of the stress of having to add an opportunity sooner rather than later. That pressure is amplified when you have depleted all the opportunities, the emptier your pipeline, the more that silence reverberates the further your quota is out of reach. This pressure is very apparent to your prospects, even when you are hiding behind a phone, e-mail, or LinkedIn. They can smell a desperate seller a mile away in a storm. Mistakes come easier, frustration surfaces faster, and most seller’s results are much worse than they have to be; accelerating the downward spiral.

On the other hand, when your pipeline is full, you can truly forecast a successful month or quarter, there is hardly pressure at all. Every day you are focused on things that are driving deals, allowing you to leverage not just the energy in your prospecting, but the things your buyers responding to positively are the very things you can use in your prospecting. Just as they can smell fear, they can sense and respond to success. The way we carry ourselves when things are good, is positive and attractive. Buyers want to deal with successful professionals, something we can’t claim to be when our pipeline is low, when our energy is drained before we even pick up the phone or send an e-mail.

I suspect one reason people leave dead opportunities is so they can fool themselves out of prospecting. “I don’t need to prospect, look at all the things in the pipeline I can work on”. Right.

The solution is simple, make prospecting a habit. Base on your metrics, how many “meetings” do you need to generate to have enough coverage to get you to goal. Once you calculate that, you can have a good sense of how much time you will need to allocate to the activity each week, all through the cycle. It is usually less than you would think, it is only because we let it build up in our mind that it seems ominous. (Well, that and the rejection). I know how long it takes me to get an appointment, and I know how many appointments I need to succeed. But there is no denying that I am much better when the pipe is full, frankly because the state of my pipeline gives me the confidence to relaxed, focus and successful, which in turn gets me more prospects.

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OBS Sales Experts

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